Riggs to PNC: Bug Off

The planned $779 million merger between PNC Financial Services and Riggs Bank, the storied Washington, D.C., financial institution where Abraham Lincoln once had an account, collapsed bitterly today.

Riggs said PNC had recently slashed its original bid for the bank, made last July, and attached so many new conditions that a merger was unacceptable to its board. It accused PNC of intentionally trying to derail their deal and said it...